Try 10 free Commerce questions below, each with the answer explained. When you are ready, practise all 451 on a timed CBT screen.
The GCE is the version of the school-leaving exam for private candidates, usually held towards the end of the year. It follows the same syllabus as the May/June exam, with objective and theory papers.
Tap an answer to check it and see the explanation.
Goods listed at ₦22,300 are sold with 25% trade discount and 10% cash discount for prompt payment. How much does the buyer pay if he pays promptly?
Answer: C. After trade discount: ₦16,725. Cash discount is then taken on this: ₦16,725 × 90% = ₦15,052.50.
Marine insurance covers
Answer: A. Marine insurance covers risks to ships and cargo at sea.
In trade, an indent
Answer: B. An indent is an order placed by an importer through an agent.
In a limited liability company, the liability of shareholders is limited to
Answer: A. Shareholders cannot lose more than their investment in shares.
In commerce, ATM stands for
Answer: C. ATM stands for automated teller machine.
On the stock exchange, a preference share is
Answer: C. A preference share is a share with a fixed dividend paid before ordinary dividends.
Which statement is true of a postal order? It
Answer: C. A postal order is bought at a post office to send small sums.
Commerce is best defined as
Answer: A. Commerce covers trade plus the services that support it.
The bank that issues currency and acts as banker to the government in Nigeria is the
Answer: A. The CBN issues the naira and manages monetary policy.
A retailer sells goods mainly to
Answer: C. The retailer is the last link in the chain of distribution.
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Create a free accountQuestions in the MyGradePrep bank for each topic.
| Topic | Questions |
|---|---|
| Retail trade | 120 |
| Insurance | 92 |
| Discounts | 60 |
| Agents | 60 |
| Business terms | 30 |
| Business documents | 29 |
| Business units | 16 |
| Stock exchange | 16 |
| Means of payment | 14 |